Reuters is reporting that Royal Dutch Shell plc has reported that its Q4 current cost of supplies stands at US$1.03 billion, down 44% from US$1.84 billion from the same period a year ago.
Profit adjusted for one-time items and inventory changes dropped to US$1.6 billion to US$1.9 billion. That compares with the profit of US$3.3 billion a year earlier.
Earnings attributable to Shell’s shareholders were US$3.5 billion compared with US$3.8 billion in 2015. Excluding identified items, full-year earnings were US$7.2 billion compared with US$11.4 billion in 2015.
Total revenue and other income for the quarter increased to US$64.77 billion from last year's US$58.15 billion.
"Earnings were impacted by charges of US$0.5 billion related to deferred tax reassessments which were not included as identified items," the company said.